When writing a business plan, YOU are your target audience!
The point of a business plan is to help you get your ideas down on paper – so don’t worry about making it fancy or excessively long. You only need a fancy one with an executive summary if you are trying to get funding.
So what should one hope to get out of a business plan?
Now that you know you need a business plan lets jump into the sections you need to think about. Also, there’s an ecommerce Business plan PDF sample and starup costs calculator in the membership area.
Additional References Creating a short, crisp value proposition is a good gauge for how clear your idea is.
Write this section as if you had one minute to explain your business to a potential investor or customer.Here are some of the most efficient ways to research a particular market: Industry reports Google is your best friend.Look for any recent industry reports on your market of choice.This will give you a good sense of how much growth the industry is experiencing, why this growth is happening and what are the largest customer segments.In our example of Atlas Hiking Co., we should research the outdoor apparel market.Depending on what you intend to sell, it’s important to think through which business model makes the most sense for your product. Here’s a fact you can bank on: there has never been a successful e-commerce entrepreneur that didn’t understand his/her target market, cold.That’s why this section is one of the most important in the entire business plan.It’s amazing how these insights can translate into a meaningful business opportunity. After conducting the competitor analysis, Atlas Hiking Co.Here’s an example: If I was going into a Billy’s Outdoor Store to research the outdoor apparel market, I would probably ask Billy the following: What is the competition missing? might find that the competition’s hiking shirts offer very few features at a low price point, but no one offers a luxury hiking shirt with additional features at a higher price point.In this article, we’ll dive into the key elements of an ecommerce business plan, which is very different than writing a traditional business plan.Taking the time to write a business plan might seem like a lot of work but it can save you a lot of time and money in the long-run by better preparing you for potential challenges and opportunities that you’ll face as a first time entrepreneur.